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| | Tue Jul 22, 2003
Private Placement
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| | Randy C. Turner, the President of Diamondex Resources Ltd. (the "Company"), announces that the Company has negotiated a non-brokered private placement for a total of up to 4,500,000 units (the "Units"), comprised of up to 3,000,000 flow-through units (the "FT Units") at $0.75 per FT Unit and up to 1,500,000 non-flow-through units (the "Non-FT Units") at $0.75 per Non-FT Unit to net the treasury an aggregate of up to $3,375,000. Each FT Unit is comprised of one common share (an "FT Share") and one-half of one nonflow- through non-transferable share purchase warrant (a "Warrant") of the Company. Each Non-FT Unit is comprised of one common share (a "Non-FT Share") and one whole Warrant. One whole Warrant will entitle the holder to purchase one additional common share of the Company (a "Warrant Share") for a period of 18 months from the date of closing of the transaction (the "Closing") at $0.85 per Warrant Share.
A finder's fee comprised of a cash payment and/or units (the Finder's Units") equal to 7.5% of the gross proceeds from the sale of the Units. The Finder's Units have the same terms and conditions as the Non-FT Units.
The FT Shares, the Non-FT Warrants and the Warrant Shares will be subject to a hold period of four months plus one day from Closing in accordance with the policies of the applicable regulatory bodies. The proceeds of the flow-through portion of private placement will be used to continue the Company's exploration work in the Northwest Territories, principally on the Lena West, Bear Head and Kingfish Projects.
The proceeds from the non-flow-through portion of the private placement and the exercise of the Warrants and the Finder's Warrants, if any, will provide general working capital. The private placement transaction is subject to acceptance by the Exchange and any other regulatory authority having jurisdiction.
Diamondex Resources Ltd.
Randy C. Turner, President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release. |
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| | You can view the Next News Releases - 2003 item: Wed Jul 23, 2003, Diamondex Appoints Chief Financial Officer
You can view the Previous News Releases - 2003 item: Wed Jul 16, 2003, Summer Program Commences On Bear Head And Kingfish
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